The Life Insurance Application Process, Simplified

When applying for an instant quote online, you will be asked your age, if you’re a smoker, your gender, and which health class you fit into.

This basic information can be useful when getting an estimate for your premiums, but won’t give you an accurate picture of what you’ll be paying.The process for underwriting insurance is a lot more detailed than instant quote forms lead you to believe.

Underwriting is the process an insurance company uses to determine your eligibility for coverage.Underwriters determine how much coverage you are eligible for, as well as how much your premiums should be.

A follow-up medical exam is usually done to asses your current state of health and your family’s medical history.

The most important thing to remember about these tests is to BE HONEST.

If you’re a smoker, say you’re a smoker. Lying could result in insurance fraud charges and your beneficiaries might not receive benefits after you pass away.

It’s important to know that even if you’re a smoker, or if you have a pre-existing medical condition, you can still get life insurance. Be upfront and honest when applying for coverage. If one company can’t work with you, chances are you just haven’t found the right company.

The risk classifications for determining life insurance premiums are

• Standard: You are considered a “standard risk” if your life expectancy is the same as the average person’s. This category sets the base for how premiums are calculated.

• Substandard: You will be placed in this category if your life expectancy is lower than that of an average person. A person who smokes, for example, may be placed in the substandard category. The premiums in this category will be higher than the premiums for standard applicants.

• Preferred: A candidate who is expected to live longer than the average person is placed in the preferred category. If you are a preferred client, you premiums will be lower than the premiums for a standard and substandard applicant.

• Declined: If an underwriter feels you pose too great a risk for the insurance company to cover you, you will be declined for coverage.

Don’t Give Up If You Get Declined For Boca Raton Life Insurance

If you’ve been declined coverage by an insurance company, take heart. A decline doesn’t mean you can’t get covered. In fact, you may have many life insurance Boca Raton Fl options.

Finding the best coverage for you is simply a matter of speaking to a knowledgeable agent who will work with you.

Many insurance companies view risk differently. There are a number of factors underwriters consider when assessing a candidate for insurance coverage, and some companies view risks more favorably than others. For example, you can find a company that will offer you standard rates – and, in some cases, preferred rates – even if you’re a smoker!

Insurance companies disagree on many risk factors and you can use that to your benefit.

To find a policy for you, you should talk to a reputable independent insurance agent.These agents know which companies will look favorably on your risk, and can help you find a company that will work with you.

We work with a multitude of insurance companies, and form lasting relationships with them and their underwriters. This means we know which life insurance Boca Raton companies will look favorably upon your risk.

We also form relationships with our clients, and bridge the gap between clients and insurance companies. We know not all risk is created equal. Our personal relationships with you, our clients, and insurance companies allow underwriters to see past your risk, and to assess you on an individual basis.